Use the Figure Below to Answer the Following Question(s)

question 162

Multiple Choice

Use the figure below to answer the following question(s) .
Figure 3-9

Given the demand ( D ) and supply ( S ) for gasoline in Figure 3-9, if the price of gasoline were $1 per gallon,

• A) consumers would wish to purchase more than was being supplied.
• B) producers would be supplying more than consumers wished to purchase.
• C) the quantity consumers wished to purchase would equal the quantity that producers wished to supply.
• D) there would be a tendency for the price of gasoline to fall.

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Definitions:

Cognitive Learning

A process involving mental operations that facilitate the acquisition and retention of knowledge, including thinking, understanding, and remembering.

Observational Learning

The process of learning behaviors by watching and imitating others, highlighted in Bandura's social learning theory.

Operant Conditioning

Operant Conditioning is a learning process through which the strength of a behavior is modified by reinforcement or punishment, a concept introduced by B.F. Skinner.

Neutral Stimulus

A stimulus that initially does not elicit any intrinsic response until it is associated with an unconditioned stimulus.